Revision History

A fragile two-week ceasefire between the United States and Iran, mediated by Pakistan and announced April 7, triggered the largest single-day oil price drop since 2020 — only for markets to reverse sharply within 48 hours after Iran accused the U.S. and Israel of violating the deal. The episode exposed the extreme fragility of a truce built on disputed terms, with roughly 20 million barrels per day of Strait of Hormuz oil flows hanging in the balance and Asian economies from India to South Korea facing acute supply vulnerability.